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Governor Newsom Approves New Law! So, California Governor Gavin Newsom’s interest in cryptocurrencies has now grown even larger. California, which leaves many countries behind in terms of economic power and has a GDP of over 3 trillion dollars, decided not to stay quiet in the digital and cryptocurrency sector. Governor Newsom signed the Digital Financial Asset Law, which will help improve the digital and cryptocurrency sector.
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This new law gives full authority to the Financial Protection and Innovation Unit. (DFPI) on regulations while also granting it power to issue licenses to companies wanting to operate in the cryptocurrency sector. Also, DFPI will conduct an 18-month trial after implementing the law it has set.
California Governor Newsom Approves New Law
Governor Newsom of California says that this new cryptocurrency law will both increase confidence in the digital sector and reduce the rate of fraud. He also added that along with consumer and investor protection.
Another interesting piece of information is that last year when the law was being drafted, the DFPI team met with Coinbase executives. The two sides held a series of meetings on what the law should be like. Also, last year Governor Newsom rejected a cryptocurrency bill proposal because it had some shortcomings.
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